Notice2024-15791
Submission of Information Collection for OMB Review; Comment Request; Mergers and Transfers Between Multiemployer Plans
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 18, 2024
Issuing agencies
Pension Benefit Guaranty Corporation
Abstract
The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of a collection of information contained in PBGC's regulation on Mergers and Transfers Between Multiemployer Plans. This notice informs the public of PBGC's request and solicits public comment on the collection of information.
Full Text
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<title>Federal Register, Volume 89 Issue 138 (Thursday, July 18, 2024)</title>
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[Federal Register Volume 89, Number 138 (Thursday, July 18, 2024)]
[Notices]
[Pages 58418-58419]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-15791]
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PENSION BENEFIT GUARANTY CORPORATION
Submission of Information Collection for OMB Review; Comment
Request; Mergers and Transfers Between Multiemployer Plans
AGENCY: Pension Benefit Guaranty Corporation.
[[Page 58419]]
ACTION: Notice of request for extension of OMB approval of information
collection.
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SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting
that the Office of Management and Budget (OMB) extend approval, under
the Paperwork Reduction Act, of a collection of information contained
in PBGC's regulation on Mergers and Transfers Between Multiemployer
Plans. This notice informs the public of PBGC's request and solicits
public comment on the collection of information.
DATES: Comments must be submitted on or before August 19, 2024.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
All comments received will be posted without change to PBGC's
website, <a href="http://www.pbgc.gov">www.pbgc.gov</a>, including any personal information provided. Do
not submit comments that include any personally identifiable
information or confidential business information.
A copy of the request will be posted on PBGC's website at
<a href="http://www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment">www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment</a>. It may also be obtained without charge by writing to the
Disclosure Division (<a href="/cdn-cgi/l/email-protection#c8aca1bbaba4a7bbbdbaad88b8aaafabe6afa7be"><span class="__cf_email__" data-cfemail="b2d6dbc1d1deddc1c7c0d7f2c2d0d5d19cd5ddc4">[email protected]</span></a>), Office of the General
Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW,
Washington, DC 20024-2101; or, calling 202-229-4040 during normal
business hours. If you are deaf or hard of hearing, or have a speech
disability, please dial 7-1-1 to access telecommunications relay
services.
FOR FURTHER INFORMATION CONTACT: Monica O'Donnell
(<a href="/cdn-cgi/l/email-protection#553a313a3b3b3039397b383a3b3c363415253732367b323a23"><span class="__cf_email__" data-cfemail="79161d1617171c151557141617101a1839091b1e1a571e160f">[email protected]</span></a>), Attorney, Regulatory Affairs Division,
Office of the General Counsel, Pension Benefit Guaranty Corporation,
445 12th Street SW, Washington, DC 20024-2101, 202-229-8706. If you are
deaf or hard of hearing, or have a speech disability, please dial 7-1-1
to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Section 4231(a) and (b) of the Employee
Retirement Income Security Act of 1974 (ERISA) requires plans that are
involved in a merger or transfer to give PBGC 120 days notice of the
transaction and provides that if PBGC determines that specified
requirements are satisfied, the transaction will be deemed not to be in
violation of ERISA section 406(a) or (b)(2) (dealing with prohibited
transactions).
PBGC's regulation on Mergers and Transfers Between Multiemployer
Plans (29 CFR part 4231) sets forth the procedures for giving notice of
a merger or transfer under section 4231 and for requesting a compliance
determination. The regulations specify the information that must be
included in a merger or transfer notice. A request for a compliance
determination must provide additional information to enable PBGC to
make an explicit finding that the merger/transfer requirements have
been satisfied.
Section 4231(e) of ERISA clarifies PBGC's authority to facilitate a
merger (a ``facilitated merger'') of two or more multiemployer plans if
certain statutory requirements are met. For purposes of section
4231(e), ``facilitation'' may include training, technical assistance,
mediation, communication with stakeholders, and support with related
requests to other government agencies. In addition, subject to the
requirements of section 4231(e)(2), PBGC may provide financial
assistance (within the meaning of section 4261 of ERISA) to facilitate
a merger (a ``financial assistance merger'') it determines is necessary
to enable one or more of the plans involved to avoid or postpone
insolvency. PBGC's regulations specify the information requirements for
a voluntary request for a facilitated merger under section 4231(e) of
ERISA, including a financial assistance merger.
PBGC uses information submitted by plan sponsors under the
regulation to determine whether mergers and transfers conform to the
requirements of ERISA section 4231 and the regulation.
The collection of information under the regulation has been
approved by OMB under control number 1212-0022 (expires October 31,
2024). On May 9, 2024, PBGC published in the Federal Register (at 89 FR
39663) a notice informing the public of its intent to request an
extension of this collection of information. No comments were received.
PBGC is requesting that OMB extend approval of the collection for 3
years. An agency may not conduct or sponsor, and a person is not
required to respond to, a collection of information unless it displays
a currently valid OMB control number.
PBGC estimates that there are 15 transactions each year (excluding
financial assistance mergers). The estimated annual burden of the
collection of information for 15 transactions (excluding financial
assistance mergers) is 15 fund office hours and $74,400 in contractor
costs for work by attorneys and actuaries. PBGC further estimates that
there is one request each year for a financial assistance merger. The
annual burden of the collection of information for financial assistance
mergers is 10 fund office hours and $36,000 in contractor costs. The
total annual burden of the collection of information is approximately
25 fund office hours and $110,400 in contractor costs.
Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit
Guaranty Corporation.
[FR Doc. 2024-15791 Filed 7-17-24; 8:45 am]
BILLING CODE 7709-02-P
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